Shopclues Lays Off Employees

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startup news- entrepreneurs of India

Ecommerce store Shopclues has laid off nearly 50 employees last week across multiple functions. “the layoffs were made taking into account individual performances and had impacted ess than 4% of the company’s overall workforce”, said a spokesperson of Shopclues.

Shopclues is believed to have an employee strength of 1200 across different departments.

“Unfortunate as it might be, the rigours of a merit-based system requires that we keep the bar high on individual performance. As we wrap up the review cycle for FY 2018, this decision has impacted less than 4% of the total workforce,” added the company  spokesperson.

The layoffs come at a time when the Tiger Global Management and GIC-backed company is facing and potentially preparing to stave off, increased competition from two of India’s biggest e-commerce companies – Flipkart and Amazon.

Shopclues managed a flat growth of 5% in 2017. The company had reduced its advertising and promotional costs from ₹238 crore to ₹188 crore.

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